Correlation Between G Bits and Shenwu Energy
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By analyzing existing cross correlation between G bits Network Technology and Shenwu Energy Saving, you can compare the effects of market volatilities on G Bits and Shenwu Energy and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in G Bits with a short position of Shenwu Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Shenwu Energy.
Diversification Opportunities for G Bits and Shenwu Energy
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between 603444 and Shenwu is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Shenwu Energy Saving in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenwu Energy Saving and G Bits is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on G bits Network Technology are associated (or correlated) with Shenwu Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenwu Energy Saving has no effect on the direction of G Bits i.e., G Bits and Shenwu Energy go up and down completely randomly.
Pair Corralation between G Bits and Shenwu Energy
Assuming the 90 days trading horizon G bits Network Technology is expected to under-perform the Shenwu Energy. But the stock apears to be less risky and, when comparing its historical volatility, G bits Network Technology is 3.59 times less risky than Shenwu Energy. The stock trades about -0.19 of its potential returns per unit of risk. The Shenwu Energy Saving is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 352.00 in Shenwu Energy Saving on October 23, 2024 and sell it today you would earn a total of 47.00 from holding Shenwu Energy Saving or generate 13.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
G bits Network Technology vs. Shenwu Energy Saving
Performance |
| Timeline |
| G bits Network |
| Shenwu Energy Saving |
G Bits and Shenwu Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Shenwu Energy
The main advantage of trading using opposite G Bits and Shenwu Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Shenwu Energy can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Shenwu Energy will offset losses from the drop in Shenwu Energy's long position.| G Bits vs. Guangzhou Haige Communications | G Bits vs. Shenzhen Glory Medical | G Bits vs. Eastern Communications Co | G Bits vs. Hubei Yingtong Telecommunication |
| Shenwu Energy vs. Qilu Bank Co | Shenwu Energy vs. Digital China Information | Shenwu Energy vs. Ningbo Tech Bank Co | Shenwu Energy vs. CITIC Guoan Information |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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